New cash payments limit in Italy

In Italy, cash is a problem. From January 1st the current upper limit for cash payments will be reduced from EUR 2,000 to EUR 1,000. Beyond this limit, in Italy you can only pay cashless with debit card, credit card, check or bank transfer. Violations are subject to a minimum fine of 2,000 euros, which can increase to 50,000 euros depending on the case.

The restriction is intended to erode the shadow economy and thus make tax evasion more difficult. However, this cash limit has been sharply criticized by liberal politicians, consumer and privacy advocates.

Digitization is promoted
The government of Prime Minister Mario Draghi wants to strongly promote electronic payment systems in the fight against the shadow economy, tax evasion and money laundering. It is trying to implement a so-called “cashless plan” with which digital payments are to be used more and more frequently.

Last Edited by QuantumEntaglement on 12/12/2021 01:35 AM